EIA Modifies Assessment Of Monterey/Santos Formation

The U.S. Department of Energy's Energy Information Agency (EIA) has reversed its initial assessment of California's Monterey Shale in the San Joaquin and Los Angeles Basins. Originally, in July 2011, the EIA estimated technically recoverable resources from the Monterey/Santos Formation at 15.4 billion barrels (Bbbl)—-more than twice the Eagle Ford and Bakken Shales combined. On May 22, 2014, however, the agency lowered its assessment by 96% to only 600 MMbbl of estimated technically recoverable resources.Expectations are that operators will shy away from the Monterey as a potential tight oil resource...